MIRA INFORM REPORT

Report Date :

18.12.2013

IDENTIFICATION DETAILS

Name :	POWERWIND LIMITED [w.e.f. 31.01.2013]
Formerly Known As :	RK WIND LIMITED [w.e.f 16.09.2009] RK WIND PRIVATE LIMITED [w.e.f. 24.12.2008] CHETTINAD ENERGY PRIVATE LIMITED
Registered Office :	GL Business Centre, Old Gurgaon Road, Opposite to Udhyog Vihar Phase I, Dundahera, Gurgaon-122016, Haryana
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	09.12.2004
Com. Reg. No.:	05-049783
Capital Investment / Paid-up Capital :	Rs.723.824 Millions
CIN No.: [Company Identification No.]	U40101HR2004PLC049783
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Wind Turbine Blades and Assemble Wind Turbine Generators.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

RATING		STATUS	PROPOSED CREDIT LINE
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a company having moderate track record. Company has started its commercial operation in March 2013. It has incurred loss from its operation in the year 2012-13. External borrowings of the company appears to be huge. However, trade relations are improving. Business is active. Payment terms are reported to be slow. The company can be considered normal for business dealing on a safe and secured trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	C [Long Term]
Rating Explanation	Poor credit quality and limited prospects of recovery
Date	30.09.2013

Rating Agency Name	CRISIL
Rating	A4 [Short Term]
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	30.09.2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered / Head Office :	GL Business Centre, Old Gurgaon Road, Opposite to Udhyog Vihar Phase I, Dundahera, Gurgaon-122016, Haryana, India
Tel. No.:	91-124-4984455
Fax No.:	91-124-4984466
E-Mail :	info@powerwind.co.in chanchal.garg@powerwind.co.in
Factory :	Plot No. 352-353, Sector 2, HSIIDC G C Bawal, District Rewari, Haryana, India

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Raj Kumar Yadav

Designation :

Director

Address :

House No. 123, Sector 21, Gurgaon-122016, Haryana, India

Date of Birth/Age :

03.03.1978

Date of Appointment :

09.01.2009

Election Commission Identity Card Number :

HVVI846369

Din No.:

01644129

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U70109DL2006PTC153589	ANANDRAO INFRASTRUCTURE PRIVATE LIMITED	Managing director	10/10/2007	12/09/2006	26/02/2009	Active	NO
2	U40101HR2006PTC049781	R. S. INDIA WIND ENERGY Private Limited	Managing director	28/09/2011	12/09/2006	-	Active	NO
3	U62100DL2006PTC153980	R. S. INDIA AVIATION PRIVATE LIMITED	Director	16/09/2006	16/09/2006	-	Active	NO
4	U92490DL2006PTC154287	R. S. INDIA INFOTAINMENT PRIVATE LIMITED	Director	26/09/2006	26/09/2006	-	Active	NO
5	U40102DL2008PLC179688	R.S. INDIA POWER LIMITED	Director	18/06/2008	18/06/2008	-	Active	NO
6	U45400DL2008PTC185657	VIGHNESHVARA INFRASTRUCTURE PRIVATE LIMITED	Director	10/12/2008	10/12/2008	-	Active	NO
7	U40300HR2008PLC049683	R.S.INDIA GLOBAL ENERGY LIMITED	Managing director	26/02/2009	10/12/2008	-	Active	NO
8	U70102DL2009PTC186307	PRIYANKA TOWNSHIPS PRIVATE LIMITED	Director	02/01/2009	02/01/2009	15/04/2009	Active	NO
9	U40101HR2004PLC049783	POWERWIND LIMITED	Director	20/07/2009	09/01/2009	-	Active	NO
10	U40101DL2009PTC186651	R. S. INDIA HYDRO POWER PRIVATE LIMITED	Director	13/01/2009	13/01/2009	-	Active	NO
11	U40300DL2009PTC186796	R. S. INDIA SOLAR ENERGY PRIVATE LIMITED	Director	19/01/2009	19/01/2009	-	Active	NO
12	U40107DL2009PTC186798	R. S. INDIA BIO MASS ENERGY PRIVATE LIMITED	Director	19/01/2009	19/01/2009	-	Active	NO
13	U40101DL2009PTC189200	R. S. WIND TECHNIK NORD PRIVATE LIMITED	Director	08/04/2009	08/04/2009	-	Active	NO
14	U40109DL2010PLC197654	ULTRA MEGA SOLAR WIND LIMITED	Additional director	04/07/2013	04/07/2013	-	Active	NO

Name :

Ms. Pinki Yadav

Designation :

Director

Address :

House No. 123, Sector 21, Gurgaon-122016, Haryana, India

Date of Birth/Age :

03.02.1982

Date of Appointment :

09.01.2009

Election Commission Identity Card Number :

HVVI831445

Din No.:

01826279

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U40101HR2006PTC049781	R. S. INDIA WIND ENERGY Private Limited	Director	12/09/2006	12/09/2006	-	Active	NO
2	U70109DL2006PTC153589	ANANDRAO INFRASTRUCTURE PRIVATE LIMITED	Director	12/03/2010	12/09/2006	15/03/2010	Active	NO
3	U62100DL2006PTC153980	R. S. INDIA AVIATION PRIVATE LIMITED	Director	16/09/2006	16/09/2006	-	Active	NO
4	U92490DL2006PTC154287	R. S. INDIA INFOTAINMENT PRIVATE LIMITED	Director	26/09/2006	26/09/2006	-	Active	NO
5	U40102DL2008PLC179688	R.S . INDIA POWER LIMITED	Director	18/06/2008	18/06/2008	-	Active	NO
6	U45400DL2008PTC185657	VIGHNESHVARA INFRASTRUCTURE PRIVATE LIMITED	Director	10/12/2008	10/12/2008	-	Active	NO
7	U40300HR2008PLC049683	R.S.INDIA GLOBAL ENERGY LIMITED	Director	10/12/2008	10/12/2008	-	Active	NO
8	U74120DL2009PTC186370	SPEARMINT TRADERS AND DEVELOPERS PRIVATE LIMITED	Director	02/01/2009	02/01/2009	31/03/2009	Active	NO
9	U40101HR2004PLC049783	POWERWIND LIMITED	Director	20/07/2009	09/01/2009	-	Active	NO
10	U74120HR2009PTC038690	R. S. INDIA INFRAPOWER PRIVATE LIMITED	Director	13/01/2009	13/01/2009	31/03/2009	Active	NO
11	U40101DL2009PTC186651	R. S. INDIA HYDRO POWER PRIVATE LIMITED	Director	13/01/2009	13/01/2009	-	Active	NO
12	U40107DL2009PTC186798	R. S. INDIA BIO MASS ENERGY PRIVATE LIMITED	Director	19/01/2009	19/01/2009	-	Active	NO
13	U40300DL2009PTC186796	R. S. INDIA SOLAR ENERGY PRIVATE LIMITED	Director	19/01/2009	19/01/2009	-	Active	NO
14	U40101DL2009PTC189200	R. S. WIND TECHNIK NORD PRIVATE LIMITED	Director	08/04/2009	08/04/2009	-	Active	NO
15	U40109DL2010PLC197654	ULTRA MEGA SOLAR WIND LIMITED	Additional director	04/07/2013	04/07/2013	-	Active	NO

Name :

Vidya Sagar Ailawadi

Designation :

Director

Address :

15/12, First Floor, Sarvapriya Vihar, New Delhi-110016, India

Date of Birth/Age :

01.08.1938

Date of Appointment :

14.12.2009

Din No.:

01259142

Other Directorship:

S .No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U15520PB1986PLC006814	CHANDIGARH DISTILLERS AND BOTTLERS LIMITED	Director	03/01/2002	03/01/2002	19/11/2008	Active	NO
2	U40100HP2004PTC026975	KAPIL MOHAN AND ASSOCIATES HYDRO POWER PRIVATE LIMITED	Director	26/09/2009	30/10/2008	27/10/2009	Active	NO
3	U40101HR2004PLC049783	POWERWIND LIMITED	Director	26/08/2010	14/12/2009	-	Active	NO
4	U40300HR2008PLC049683	R.S.INDIA GLOBAL ENERGY LIMITED	Director	16/08/2011	20/07/2011	-	Active	NO

Name :

Meetika Yadav

Designation :

Director

Address :

S-3, Government Officer’s Colony, Government Estate, Chennai-600002, Tamilnadu, India

Date of Birth/Age :

03.12.1970

Date of Appointment :

02.02.2009

Din No.:

02458160

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U40300HR2008PLC049683	R.S.INDIA GLOBAL ENERGY LIMITED	Director	15/12/2008	15/12/2008	10/02/2009	Active	NO
2	U74120DL2009PTC186370	SPEARMINT TRADERS AND DEVELOPERS PRIVATE LIMITED	Director	02/01/2009	02/01/2009	20/10/2009	Active	NO
3	U40101HR2004PLC049783	POWERWIND LIMITED	Director	20/07/2009	02/02/2009	-	Active	NO
4	U70101HR2009PTC038663	EMBELLISH PROPERTIES & CONSULTANTS PRIVATE LIMITED	Additional director	12/10/2009	12/10/2009	16/10/2009	Active	NO
5	U40105TN2009PTC073340	LANTANA INTERNATIONAL PRIVATE LIMITED	Director	27/10/2009	27/10/2009	-	Active	NO
6	U40109DL2010PLC197654	ULTRA MEGA SOLAR WIND LIMITED	Director	05/01/2010	05/01/2010	-	Active	NO

Name :

Mr. Anil Kumar

Designation :

Director

Address :

P1, Plot No. 16, Naryani Apartment, Brijlalpura, Santosh Nagar, Jaipur-302016, Rajasthan, India

Date of Birth/Age :

31.07.1977

Date of Appointment :

19.12.2012

Din No.:

03353338

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74900DL2012PTC230684	ROBOTICK MAGICAL COMPANY PRIVATE LIMITED	Director	30/01/2012	30/01/2012	-	Active	NO
2	U40101HR2004PLC049783	POWERWIND LIMITED	Director	30/09/2013	19/12/2012	-	Active	NO
3	U40300HR2008PLC049683	R.S.INDIA GLOBAL ENERGY LIMITED	Director	30/09/2013	19/12/2012	-	Active	NO
4	U74140HR2010PTC041269	JAB GREEN ENERGY CONSULTANTS PRIVATE LIMITED	Director	24/12/2012	24/12/2012	19/06/2013	Active	NO
5	U40106HR2010PTC040179	ADVANCE SOLAR POWER TECHNOLOGIES PRIVATE LIMITED	Director	24/12/2012	24/12/2012	19/06/2013	Active	NO

KEY EXECUTIVES

Name :	Chanchal Garg
Designation :	Secretary
Date of Birth/Age :	30.05.1981
Date of Appointment :	10.02.2010
Pan No.:	AKEPG2697M

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
R.S. India Global Energy Limited, India	12208015
Raj Kumar Yadav	833
R.S. India Wind Energy Private Limited, India	13506101
R.S. India Infra Power Private Limited, India	46667420
Jeetendra Pratap Yadav	10
Meetika Yadav	10
Ajay Kumar Yadav	10
Amita Duggal	10
Prem Devi Yadav	10
Amudha Marts Private Limited, India	153846
TOTAL	72536265

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Wind Turbine Blades and Assemble Wind Turbine Generators.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Punjab National Bank (Lead Bank), BO Nehru Place, CC-21, Nehru Enclave, New Delhi-110019, India

· Corporation Bank, West Patel Nagar Branch, New Delhi-110028, India

Facilities :

Secured Loan	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Term Loans
From Banks	445.908	151.972
Less: Current maturities of long term borrowings	(43.352)	(12.500)
TOTAL	402.556	139.472

Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountants
Address :	Building No. 10, 8^th Floor, Tower B, DLF Cyber City, Phae II, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-2549191
Fax No.:	91-124-2549101

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorized Capital :

No. of Shares	Type	Value	Amount
95000000	Equity Shares	Rs.10/- each	Rs.950.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
72536265	Equity Shares	Rs.10/- each	Rs.725.363 Millions

AS ON 31.03.2013

Authorized Capital :

No. of Shares	Type	Value	Amount
95000000	Equity Shares	Rs.10/- each	Rs.950.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
72382419	Equity Shares	Rs.10/- each	Rs.723.824 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	723.824	698.209	337.150
(b) Reserves & Surplus	194.735	194.479	58.349
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	2.000	0.000	93.000
Total Shareholders’ Funds (1) + (2)	920.559	892.688	488.499
(3) Non-Current Liabilities
(a) long-term borrowings	402.556	139.472	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.215	0.000	0.000
Total Non-current Liabilities (3)	402.771	139.472	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1.967	6.861	36.409
(c) Other current liabilities	94.941	20.919	4.292
(d) Short-term provisions	0.003	0.020	0.009
Total Current Liabilities (4)	96.911	27.800	40.710
TOTAL	1420.241	1059.960	529.209
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	683.971	154.812	154.083
(ii) Intangible Assets	389.244	0.000	0.000
(iii) Capital work-in-progress	26.407	744.555	352.397
(iv) Intangible assets under development	0.000	0.000	15.890
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	7.031	135.107	5.504
(e) Other Non-current assets	16.580	0.000	0.000
Total Non-Current Assets	1123.233	1034.474	527.874
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	94.674	0.000	0.000
(c) Trade receivables	25.036	0.000	0.000
(d) Cash and cash equivalents	176.409	25.351	1.275
(e) Short-term loans and advances	0.307	0.135	0.060
(f) Other current assets	0.582	0.000	0.000
Total Current Assets	297.008	25.486	1.335
TOTAL	1420.241	1059.960	529.209

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	53.205	0.000	0.000
		Other Income	7.243	0.262	0.123
		TOTAL (A)	60.448	0.262	0.123
Less	EXPENSES
		Cost of material consumed	22.822	0.000
		Purchase of stock in trade	49.273	0.000
		Employee benefits expenses	3.032	0.833	4.964
		Other expenses	12.930	1.240
		Changes in inventories of stock in trade	(25.789)	0.000
		TOTAL (B)	62.268	2.073	4.964
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(1.820)	(1.811)	(4.841)
Less	FINANCIAL EXPENSES (D)		4.497	0.000	0.486
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(6.317)	(1.811)	(5.327)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.111	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(7.428)	(1.811)	(5.327)
Less	TAX (H)		0.000	0.000	0.039
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(7.428)	(1.811)	(5.366)
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods Calculated on FOB Basis	53.205	0.000	0.000
	Earnings / (Loss) Per Share (Rs.)		(0.11)	(0.04)	(0.21)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(12.29)	(691.22)	(4362.60)
Net Profit Margin (PBT/Sales)	(%)	(13.96)	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(0.53)	(0.57)	(3.31)
Return on Investment (ROI) (PBT/Networth)		(0.01)	0.00	(0.01)
Debt Equity Ratio (Total Debt/Networth)		0.44	0.15	0.00
Current Ratio (Current Asset/Current Liability)		0.00	0.92	0.03

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10456767	06/09/2013	631,000.00	CORPORATION BANK	WEST PATEL NAGAR BRANCH, DELHI - 110008, INDIA	B88210521
2	10456772	06/09/2013	643,000.00	CORPORATION BANK	WEST PATEL NAGAR BRANCH, DELHI - 110008, INDIA	B88211438
3	10456773	06/09/2013	737,000.00	CORPORATION BANK	WEST PATEL NAGAR BRANCH, DELHI - 110008, INDIA	B88211651
4	10314043	30/03/2013 *	520,000,000.00	PUNJAB NATIONAL BANK (LEAD BANK)	BO : NEHRU PLACE, CC-21, NEHRU ENCLAVE, NEW DELHI - 110019, INDIA	B75855726
5	10314053	10/10/2011	1,980,000,000.00	PUNJAB NATIONAL BANK (LEAD BANK)	BO : NEHRU PLACE, CC-21, NEHRU ENCLAVE, NEW DELHI - 110019, INDIA	B23888761
* Date of charge modification

FIXED ASSETS:

· Freehold Land

· Building

· Office Equipment

· Vehicles

· Computer

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.96
UK Pound	1	Rs.101.14
Euro	1	Rs.85.33

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		14

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.